3117 Parklawn St Tallahassee, FL 32304

Property Details for 3117 Parklawn St

Year built

2019

Lot size

2.84 lot acres

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a 15-unit apartment complex situated on a substantial 2.84-acre lot in Tallahassee, Florida. Priced at $1,950,000, this property offers a compelling return on investment with a current cap rate exceeding 8.7%, projected to rise above 9.2% with the inclusion of rental income from the owner's unit. The complex comprises twelve detached buildings, providing significant potential for expansion and the addition of further units. The property's strategic location, just three miles from Florida State University's College of Medicine, ensures high occupancy rates due to strong demand from faculty, staff, and medical professionals. The main house is uniquely subdivided into four individual one-bedroom, one-bathroom units, contributing to the overall rental income stream. This well-maintained property offers a rare blend of immediate income generation and substantial future development potential, making it an attractive proposition for discerning investors seeking a strong return in a desirable location. The existing infrastructure and ample land provide a solid foundation for future growth and expansion, allowing for increased rental income and enhanced property value. This is a turnkey investment ready for immediate income generation and long-term appreciation. The property's current performance and future potential make it a highly desirable asset in the Tallahassee market.